What Is a Mortgage? (And Other Commonly Asked Questions)
You’re finally ready to buy your own home, but first you need a mortgage. At least, you think you do. But what is a mortgage, anyway? You probably have a rough idea, but you may not be sure exactly how they work to help you buy the home of your dreams. Here are the basics when it comes to mortgages.
The most important thing to understand is that a mortgage is essentially a loan. In this case, it’s a loan that helps you buy your home. A home is a large purchase and most people don’t have all the money they need to buy one up front, but they also don’t want to spend years without a home while they save up that money. A mortgage is the answer. Read on to learn the answers to other common mortgage-related questions now.
